Trading has begun in the US for two spot exchange-traded funds (ETFs) based on the cryptocurrency Solana — these products are from Bitwise and Grayscale. According to analysts’ estimates, the new funds could accumulate over 5% of the total circulating supply of Solana coins.
This is reported by Finway
Market Potential and Initial Launch Results
As reported by Grayscale, comparing the Solana ETF to other cryptocurrency funds suggests that within one to two years, at least 5% of the Solana supply may be held in such investment structures. According to Zack Pandl, the director of research at Grayscale, unlike the launch of Bitcoin ETFs in 2023, the current launch is taking place in a highly competitive environment among spot crypto funds. Bitcoin and Ethereum ETFs are already active in the market, and dozens of other products are awaiting approval from regulators.
“It would be logical to compare Solana with other ETF products. Within one to two years, I expect that at least 5% of the Solana supply will be held in similar structures,” said Pandl.
Features of the New ETFs and Demand Factors
At the end of October 2025, the Bitwise fund (BSOL) and the Grayscale fund (GSOL) began trading on the American market. In the first three days of operation, these ETFs attracted about 150 million dollars in investments.
It is noted that one of the main advantages of GSOL is the ability to stake: investors will receive 77% of the rewards earned from staking participation, which could serve as an additional incentive for investors. As Pandl emphasized, staking rewards allow investors to diversify their income sources and enhance the fund’s attractiveness.
“Staking rewards are a unique source of income for investors, a way to diversify their income sources in their portfolio.”
Despite competition from Ethereum, the Solana ETF could become a valuable component of a balanced crypto portfolio due to differences in network technical characteristics and approaches to smart contracts.
Previously, JPMorgan analysts predicted that in the first year of operation, the Solana ETF could attract up to 1.5 billion dollars in investments.